Ironstate Development has closed on the acquisition of a 1.29-acre development site in Miami’s trendy Wynwood neighborhood for $15.6 million. Miami Beach-based developer Lucky Shepherd had put the development site under contract prior to the pandemic but the contract was ultimately assigned to Ironstate Development. Lucky Shepherd had planned to build an eco-friendly project with a 150-key hotel, and up to 48 private residences.
Real estate broker Andy Charry, with Metro 1, represented the seller, Art By God, Inc. Real estate brokers Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division represented Lucky Shepherd.
“My client had a great property located on a great street, and it became even better because of the proposed Brightline station,” said Andy Charry.
The development site is currently home to Art By God, a 30-year-old business that has become one of the largest retailers of nature products, artifacts and wildlife items in the U.S., from a wide collection of fossils and bones, to an assortment of rough or polished rocks and minerals, and unique art and sculptures from all over the world. The 21,155-square-foot Art By God is located at 60 NE 27th St. The acquisition also includes the following addresses: 26 NE 27 St., 25 NE 26 St., and 61 NE 26 St.
“This is one of the last great sites in Wynwood,” Ms. Mattingly said. “This transaction is a prime example of a Covid-ravished deal that, at the end of the day, came back to life thanks to Miami’s tidal wave market.”